The central bank of Nigeria has introduce New financial policy known as “CBN Naira 4 Dollar Scheme” a diaspora remittances to boost inflows of diaspora remittances into the country through CBN-licensed international money transfer operators (IMTOs).
In a latest circular by the apex bank, directing all Deposit Money Banks, International Money Transfer Operators (IMTOs) and the General Public to paid N5 for every 1 USD received as remittance.
The new initiative will take effect today, March 8, 2021 and ends on Saturday 8 May 2021.
The new CBN Naira 4 Dollar Scheme was introduced after the apex bank failed to attract enough diaspora remittances following the November 2020 declaration that recipients of diaspora remittances can now receive their funds in US Dollars.
1. What this mean is that all recipients of diaspora remittances through CBN licensed international money transfer operator shall hen forth be paid N5 for every 1 USD received as diaspora remittance inflow.
2. This incentive is to pay recipients whether they choose to collect the USD as cash across the counter in a bank or transfer same into their domiciliary account.”